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Global Accounting Standards Overview

The document outlines various accounting setting boards and standard-setting bodies, both internationally and within specific countries like the United States, Canada, the UK, Australia, and India. It highlights the International Accounting Standards Board (IASB) and the International Financial Reporting Standards (IFRS) as key entities aimed at promoting uniform financial reporting standards globally. Established in 2001, the IASB seeks to enhance comparability and clarity in financial reporting for better decision-making by investors and stakeholders.

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16 views2 pages

Global Accounting Standards Overview

The document outlines various accounting setting boards and standard-setting bodies, both internationally and within specific countries like the United States, Canada, the UK, Australia, and India. It highlights the International Accounting Standards Board (IASB) and the International Financial Reporting Standards (IFRS) as key entities aimed at promoting uniform financial reporting standards globally. Established in 2001, the IASB seeks to enhance comparability and clarity in financial reporting for better decision-making by investors and stakeholders.

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rafayxool98
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ACCOUNTING SETTING BOARDS

INTERNATIONAL

1. International accounting standards board (IASB)

2. International financial reporting standards (IFRS) foundation

3. International auditing and assurance standards board (IAASB)

UNITED STATES

4. Financial accounting standards board (FASB)

5. Securities and exchange commission (SEC)

6. American institute of certified public accountants (AICPA)

7. Public company accounting oversight board (PCAOB)

OTHER COUNTRIES

8. Canada: Canadian institute of chartered professional accountants (CPA)

9. UK: Financial reporting council (FCR)

10. AUSTRALIA: Australian accounting standards board (AASB)

11. India: Institute of chartered accountants of India (ICAI)

PROFESSIONAL ASSOCIATIONS

12. International federation of accountants (IFAC)

13. Institute of international auditors (IIA)

14. Institute of management accountants (IMA)

15. American accounting association (AAA)

STANDARD-SETTING BODIES
16. International public sector accounting standards board (IPSASB)

17. International valuation standards council (IVSC)

18. Committee of sponsoring organizations (COSO)

19. Financial accounting foundation (FAF)

WIDELY RECOGNIZED ACCOUNTING SETTING BOARD

20. INTERNATIONAL ACCOUNTING STANDARD (IASB):

Purpose: IFRS is a set of (International Financial Reporting Standards) standards which have been
developed through (IASB) and has been meant to bring uniform reporting regarding finances so that the
users of the reports understand it comparably better.

History:

Established in 2001, replacing the International accounting standards committee (IASC)

Headquartered in London, UK.

21. FINANCIAL REPORTING STANDARDS (IFRS):

The set of financial standards was created by the IASB to promote uniform global communication for
financial reporting and to maintain clarity and equivalence.

Purpose: The main aim of the IFRS is to create a set of financial standards that is complete and useful
to readers, which helps investors and risk evaluators to make reasonable decisions about investments.

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